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Why should I collect sales tax from my client?

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Money Talk > Taxes

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jennysquare
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Why should I collect sales tax from my client?  Reply with quote  

Every business must collect sales taxes on taxable products and services. As you start your business, the first thing you must do is determine if your products or services are taxable, the tax rate, and the difference in taxes if you are selling to individuals in different parts of your state. You must charge sales tax to your client because you are selling products and providing services to them.

Generally, for sales tax collection, you must get a license from your state. On each taxable transaction, you calculate the applicable sales tax, collect it from the buyer, keep tax records, and then file a tax return and pay the taxes to your state. You'll pay monthly, quarterly, or annually, depending on your level of sales.
Post Tue Apr 27, 2010 5:07 pm
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